Mukuru’s head of incubation, Cat Denoon-Stevens.

Next-generation financial services provider Mukuru is on a product expansion drive to serve emerging consumers across Africa.

In a recent interview with ITWeb Africa, Mukuru’s head of incubation, Cat Denoon-Stevens, said they have added a suite of valuable financial services to the company that services over 60 countries in Africa, Europe and Asia.

“We’re expanding our product offerings to ensure that wherever an African diaspora customer is located, they can access the financial services they need. For example, we offer the Mukuru Card in South Africa and wallet products in Botswana and Malawi,” said Denoon-Stevens.

She emphasised that Mukuru’s focus is on broadening its range of financial services, either through direct provision or partnerships.

“This includes offering a store of value through the wallets and products such as our newly available insurance product in Zimbabwe. We're also expanding into other product areas to ensure that nobody is left behind in the digital era," said Denoon-Stevens.

The financial services provider teamed up with CADECOM, a faith-based, not-for-profit organisation, to ensure the seamless delivery of aid to 4,520 households in underserved communities affected by the recent devastating cyclone in Malawi through its Enterprise Payments Platform.

The Mukuru Head of Incubation also welcomed the tight regulation of the fintech sector as necessary and stressed that the company’s 20-year journey in Africa had prepared it for growth in the fast-evolving digital era and ensured reliable and efficient service.

"It's a highly regulated space, and rightly so. There are significant risks for both the countries and customers regarding ensuring that money moves through secure channels. 

"One of the key aspects of our business is ensuring the safe movement of money. We invest time and resources to ensure our operations comply with local regulatory frameworks. It takes time and investment, but it's worth it because it’s central to what we do," she said.

As part of its efforts to work with regulators, Denoon-Stevens said: ”We ensure we fully understand what's required from the licensing in each jurisdiction, and we build our operations to respond to it.”

Recently, Mukuru stepped up to support customers amidst the South African Reserve Bank’s new electronic funds transfers (EFTs) regulatory changes aimed at curbing laundering in Common Monetary Area (CMA) countries.

This followed a significant shift in the CMA financial market after the SARB announced that, effective 30 September 2024, low-value EFTs, debit, and credit payments between CMA countries—namely, South Africa, Lesotho, Eswatini, and Namibia—will be classified as cross-border transactions.